FCA

[Vangry]

Hi
Can anyone tell me if a credit worthiness assessment has to be carried out before a loan is applied for and an agreement is made?

[Ruby]

Re: FCA

This is a rather vague question. What is the loan for?

[Amethyst]

Re: FCA

I believe it is less effect on your credit file to have searches done before making an application, rather than after application. They would be able to see if a credit application is likely to be accepted or not - an unsuccessful application affects the credit file and would mean any subsequent applications to others would be more likely to fail because of the tracks of refused applications.

FCA regs wise I don't believe there is a requirement for a pre app credit check, and depending exactly what they are proposing as checking credit worthiness might adjust what they encourage you to apply for / what rates / ow much they can push you up etc.

So basically it could be 'responsible' of the lender, or it could be 'nosy'....

Really need to know a little bit more to look into it properly. Rules differ for different types of lending.

Mortgage lending I believe the new rules say they must undertake a credit worthiness check before application - that would come under MCOBS in the FCA. ( but thinking you'd have said mortgage rather than loan if it were a mortgage )


( sorry that is really really poorly explained, I've had a long day )

[Vangry]

Re: FCA

It was for a caravan but someone asked me if I had any checks done. I said no so they sent me a link to the FCA but it is very hard to understand.

[Amethyst]

Re: FCA

It was for a caravan but someone asked me if I had any checks done. I said no so they sent me a link to the FCA but it is very hard to understand.

Ahhh, lol, I'll screw my head on.

Did you send your Subject Access Request letters off to the finance company and the sellers ? They should show up any discrepancies and whether the rules were followed.

http://www.legalbeagles.info/forums/...read.php?64467 - your other thread xx

[Vangry]

Re: FCA

Hi Amethist.
Sorry it is me still asking about the caravan issues. Was asked by Trading standard if I had had a credit worthiness check carried out or not. I had not, but I read the link he sent me as I should have had one but wasn't sure if I had read it correctly.

[Ruby]

Re: FCA

I think I know where you are coming from Ame. You are talking about potential creditors doing a 'soft search' on a credit file to see whether you are likely to be accepted for credit.

[Amethyst]

Re: FCA

I think I know where you are coming from Ame. You are talking about potential creditors doing a 'soft search' on a credit file to see whether you are likely to be accepted for credit.

Yeyy, I made some sense ! Thanks Ruby, that's what I was trying to say.

[Amethyst]

Re: FCA

Hi Amethist.
Sorry it is me still asking about the caravan issues. Was asked by Trading standard if I had had a credit worthiness check carried out or not. I had not, but I read the link he sent me as I should have had one but wasn't sure if I had read it correctly.

From what you explained previously about the loan, you didn't even know how much it was to be for, and the caravan sales people seem to have basically just made stuff up to suit to get the loan, so any affordability checks that were done, ummm weren't, or were fraudulent - hence the importance of the Subject Access Requests.

Give us the link TS have given you and I'll see if I can ( get Ruby to ) decipher it for you xx

[Vangry]

Re: FCA

Well I didn't because the trading standards were going to see them and guess what they offered me £18.000 for my caravan as a good will gesture. Yes right.
Just letting a solicitor look through my paperwork to see if he thinks I have a case now.

[Amethyst]

Re: FCA

Well I didn't because the trading standards were going to see them and guess what they offered me £18.000 for my caravan as a good will gesture. Yes right.
Just letting a solicitor look through my paperwork to see if he thinks I have a case now.

Okay good to hear things are progressing.

I really would get a SAR sent off though - it really won't affect any investigation and they seriously can turn up a load of information which will help. If you are worried about sending one to the caravan people just send one to the finance company - as they will have the docs sent to them by the caravan peeps.

[Vangry]

Re: FCA

https://fshandbook.info/FS/html/FCA/CONC/5/2

[Ruby]

Re: FCA

Sorry it is me still asking about the caravan issues. Was asked by Trading standard if I had had a credit worthiness check carried out or not. I had not, but I read the link he sent me as I should have had one but wasn't sure if I had read it correctly.

Hi Vangry, I don't know the back ground of your story, so please forgive me :tinysmile_twink_t2: To the best of my knowledge you can't get a loan of any kind without some kind of credit search done. How can you be sure no credit check was done?

[Amethyst]

Re: FCA

Yes that's the right one, it may not have been done as the rules only came into force in April 2014 and you got the loan in May I think? and it might also explain why the caravan sellers amended your figures so much to get the loan through.

Really - PLEASE send the SAR to BPF at least - it will help xxx

[Amethyst]

Re: FCA

Sorry it is me still asking about the caravan issues. Was asked by Trading standard if I had had a credit worthiness check carried out or not. I had not, but I read the link he sent me as I should have had one but wasn't sure if I had read it correctly.

Hi Vangry, I don't know the back ground of your story, so please forgive me :tinysmile_twink_t2: To the best of my knowledge you can't get a loan of any kind without some kind of credit search done. How can you be sure no credit check was done?

In this case Vangry didn't even know the amount of the loan, it was one of those, sign here, here and here, pressure selling jobs with some VERY misleading figures being banded about.